USMEF Economist Stresses Importance of Trade with Japan at USDA Outlook Forum
The importance of Japan as a trading partner for U.S. agriculture was the focus of a Feb. 22 panel discussion at the USDA Agricultural Outlook Forum in Arlington, Virginia. U.S. Meat Export Federation (USMEF) Economist Erin Borror explained that Japan is the leading value destination for both U.S. beef and U.S. pork, with 2018 exports expected to reach $2.1 billion and $1.65 billion, respectively, when year-end data is available. But Borror also cautioned that the competitive terrain in Japan has gotten steeper for U.S. red meat due to Japan’s preferential trade agreements with Australia, the European Union, Canada, New Zealand, Mexico and Chile, and this situation will worsen unless the United States secures similar access terms with Japan.
Borror noted that U.S. beef export value per head of fed slaughter averaged a record $320.72 in 2018, up 14 percent year-over-year and shattering the previous high ($300.36) set in 2014. Japan accounts for one-fourth of this total, or $82.75 per head. The ratio is similar for ...
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